Dash: A Viable Bitcoin Alternative?

Mar 06, 2017

The Cryptocurrency world is growing and the number of Cryptocurrency users is increasing as each day passes. Most of the digital currencies users seem to be on a spending spree, with coins such as Bitcoin and Ethereum increasing in value since the beginning of the year. Not only Bitcoin and Ethereum have been growing this year, Dash is another altcoin that has grown tremendously over the past few months. Looking at the numbers, which we will see later, it is arguably the biggest beneficiary of this spending spree by Cryptocurrency users.

Dash is currently enjoying a very good run, which might not be over anytime soon. This is because according to CoinMarketCap, yesterday (Mar. 1) its price reached an all time high of about $46.75. Just seven days ago, it was trading at $22, this represents a gain of more than 40 percent in its value. The reason why I said it’s arguably the biggest beneficiary of this spending spree by Cryptocurrency users is because it started the year trading at around $11. Looking at these numbers, it has gone up by over 300 percent so far in 2017. With this growth, it has set a new market Capitalization high of over $300 million. It gained over $70 million yesterday alone, which is quite impressive. This was a day after Amanda B. Johnson, through YouTube, characterized Tuesday as its biggest day ever due to factors such as it passing Litecoin and Ripple to become the industry’s number three in market cap.

One question that must be in almost everyone’s mind is what’s the reason for yesterday’s huge increase. Yesterday’s boost is attributed mainly to news that Dash had entered into an agreement with Walls of Coins. Walls of Coins is an online platform that is expected to allow users to buy or sell Dash for cash in a peer-to-peer manner. This agreement is expected to make buying and selling of it is more convenient than it was before. It’s quite easy because Dash users are only required to deposit cash at a local financial institution and to have a software wallet of their own choice. Within minutes users then receive Dash directly to their software wallets. Users can also sell their Dash to Walls of Coins and collect them later at the nearest financial institution.

Ryan Taylor, Dash’s director of finance, is quoted by The Dash Times as saying that with Walls of Coins users can purchase the coin at tens of thousands of physical locations in twelve different countries. He proceeds to say that Walls of Coins supports their InstantSend feature making transactions to be amazingly fast. This provides the community with another way to sell Dash at a premium to the rates charged on traditional exchanges. From this new development it’s fair to say that it is determined to give their users what they truly want that is privacy, ability to fix problems quickly and of course instantly settled payments.

Bitcoin has for a long time been serviced by Walls of Coin and it’s nice to see another Cryptocurrency using his platform. Dash is definitely on the right path to being Bitcoin’s viable alternative.

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